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Payday loan debt settlement - Reduce your pdls and get rid of stress

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payday loan consolidation, settlement. How easy it is to consolidate one?


I didn't know you could consolidate a payday loan. I thought that's why there were called payday...and that they had to be paid back the next pay ?eriod. That no extra time should be needed?

-Mike




In keeping with the topic,someone posted before that they had worked out smaller payment plans with some of their payday loans.Can anyone list some of the payday loan services that will work with you from your own experience with them.They even went as far as to say that one company wrote off the loan since they had payed so much in interest over the months.Has anyone tryed this?

Sub: #1 posted on Wed, 09/21/2005 - 11:30

twokidtwocat twokidtwocat

(Posts: 602 | Credits: 484.56)

OK...so then as I'm understanding this

basically consolidate it directly with the lendor. I understand more now. I personally have not tried this, but have heard about someone who, because of the intested they've paid, had it written off.


(edited 4 hours later...twokidtwocat--just read your comment twokidtwocat...hopeufully someone will let us know if this haas happened to them.)

-Mike

Sub: #2 posted on Wed, 09/21/2005 - 13:25

Teleport Teleport

(Posts: 1388 | Credits: 401.89)

Creditors will be willing to work only if it is not sold to the outside collection agency. In my honest opinion, even if you are not able to pay the total amount, you should keep paying something towards the accounts. Doing this, the account won't get charged off and thus it won't be sold to any external agency.

Regards
Roxette

Sub: #3 posted on Wed, 09/21/2005 - 14:14

roxette roxette

(Posts: 4009 | Credits: 559.9)

Roxette-

I totally agree. But when most payday loan places won't give you their address and say only payments through western union are accepted it becomes hard for people.

But payinng something...even $25 a week will keep the account from being sold. But even on the off chance it is sold...you need to have everything you've paid. Western Union confirmation numbers...etc.

-Mike

Sub: #4 posted on Wed, 09/21/2005 - 15:04

Teleport Teleport

(Posts: 1388 | Credits: 401.89)

Right Mike, you are absolutely correct with your words.

When most payday loan companies won't give their address and state that all payments should be made through Western Union, I should be suspicious at that moment. I will really like to research more on that company. Comparatively, there are many other companies in the market who give the consumers the options to make payments at their ease.

Mike, let's see what others have to say on this. By the way, how are you doing today? :D

Sub: #5 posted on Wed, 09/21/2005 - 15:20

roxette roxette

(Posts: 4009 | Credits: 559.9)

payday loan consolidation is, undoubtedly, a very controversial topic. The conventional way of consolidating unsecured debts does not apply to them. The process that these payday companies follow is buggy from the beginning. They usually approve the cash without checking the borrowers' financial standing.

What I feel, the prearranged line of credit, like depositing PDCs, makes these payday loans somehow different from unsecured debts and that is the reason debt consolidation companies are not willing at all to work with them.

Those who are already trapped by these paydays should try to pay it off even by maintaining a really hard budget or keep it current as Roxette has mentioned, until some agency shows the bravery to consolidate payday loans.

Sub: #6 posted on Wed, 09/21/2005 - 15:26

4u.bryan 4u.bryan

(Posts: 820 | Credits: 217.41)

Roxette

I'm doing great...thanks. How are you?

[quote=bryan]The process that these payday companies follow is buggy from the beginning.[/quote]

So what happens when the payloan companies are accepting your payments, but at the same time charing you the payday loan renewal fee. The payday loan company that I dealt with didn't have renewal fees. They just charged you the $58 ($29x2) NSF fee. They'll do it first time, then again one more time before turning it over to collections.

What are some other problems or situations people have had to deal with?

-Mike

Sub: #7 posted on Wed, 09/21/2005 - 15:34

Teleport Teleport

(Posts: 1388 | Credits: 401.89)

Hey Mike, I am doing well and enjoying the forums... :D

I have never been so much addicted to this forum as I have been in the recent times. Thanks to you and the community.

I am waiting to hear from Bryan. He wants to say something, I guess.

Sub: #8 posted on Wed, 09/21/2005 - 15:45

roxette roxette

(Posts: 4009 | Credits: 559.9)

Definitely I want to say something Roxette. I have never dealt with payday loans personally. Whatever experience I have gathered from my surroundings makes me feel that the credit approval process should never be as easy as it is in case of payday loans.

The lenders do not check borrower's credit report, just disburse the amount. It is well understood that unless one is badly in need, will not go for a payday loan. Then what is the guarantee that the borrower will return the money? And what is the basis to approve the loan?

Sub: #9 posted on Wed, 09/21/2005 - 16:08

4u.bryan 4u.bryan

(Posts: 820 | Credits: 217.41)

Bryan

[quote=Bryan]The lenders do not check borrower's credit report, just disburse the amount[/quote]

I don't think a borrowers credit should have anything to do with their credit score when it comes to payday loans.

Every now an then someone will need some. Only because a checking account is needed and job verification is also required prior to getting the loan. The only problem is when they take their money back. Usually being super early in the morning because they are going by their countries time.

Most payday loans only want to make sure there is a valid checking account available. They don't care the name or the circumstances. If someone says they have a job...then they'll say it's on them come time to take their money back.

-Mike

Sub: #10 posted on Wed, 09/21/2005 - 16:35

Teleport Teleport

(Posts: 1388 | Credits: 401.89)

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